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CIT shall Condone Delay for want of Material Records regarding Non Service of Notice and Penalty Order on Time: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal ( ITAT ), New Delhi, has recently, in an appeal filed before it, held that the CIT shall condone delay for want of...

ITAT approves Addition on GP at 2.5% on Non-explanation regarding Closing Stock [Read Order]

Manual Filing of Appeal due to Lack of Awareness regarding E-Filing procedures: ITAT restores matter...

Accepting Loans through Journal entries with reasonable cause will not attract Penalty u/s 271D:...

CBI arrests Four Accused Including Two Senior Tax Assistants Of Income Tax Department in a Bribery...

Ex-parte order without properly serving the hearing notice: ITAT restores matter to CIT [Read Order]

Income Tax Appellate Authority (ITAT), Hyderabad restores matter to Commissioner of Income Tax (CIT) as ex-parte order was passed without properly serving the hearing notice. The assessee,...

Non-Maintenance of Books of Account would not attract Penalty u/s 271B: ITAT grants Relief to Developer [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench consisting of Waseem Ahmed, Accountant Member, and Madhumita Roy, Judicial Member granted relief to Developer as non-maintenance of Books of...

Reassessment made without serving Notice u/s 148 is Invalid: ITAT [Read Order]

In a significant ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that reassessment made without serving notice u/s 148 is invalid and will not sustain. The appellant...

Relief due to critical Covid pandemic period: ITAT allows to submit Documents to Claim Exemption u/s 80G(5)(vi) [Read Order]

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has been allowedto submit the required documents for the approval of exemption u/s 80G(5)(vi) before the CIT(Exemption) as a relief to the...

Onus of establishing Creditworthiness and Genuineness of Transactions is on Assessee under Section 68: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench consisting of Saktijit Dey, Judicial Member, and Pradip Kumar Kedia, Accountant Member held that the onus of establishing creditworthiness and...

Disallowance u/s 40(a)(ia) cannot be made when established that payee has offered Income on Interest payment made by Appellant: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad held that disallowance under Section 40(a)(ia) cannot be made when established that payee has offered income on interest payment made by appellant....

Export entitlements (MEIS) and Duty Drawback of Promotion Scheme is Income assessable under 'Profits or Gains from Business or Profession': ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Vishakhapatnam bench consisting of Duvvuru R L Reddy, Judicial Member, and S Balakrishnan, Accountant Member held that export entitlements (MEIS) and duty...

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